For the last three years, Sam Jurgens has been employed in Halifax as a loan supervisor for Maritime Trust Inc. Maritime Trust is a large public company and, as a consequence, Mr. Jurgens felt that he did not have the opportunity to exhibit the full range of his abilities. To correct this situation, Mr. Jurgens decided to accept employment in Toronto effective July 1, 2021, as the general manager of Bolten Financial Services, a Canadian-controlled private corporation specializing in providing financial advice to retired executives. In April 2021, prior to leaving Maritime Trust, Mr. Jurgens exercised options to purchase 5,000 shares of the public company’s stock at a price of $15 per share. At the time the Maritime Trust options were granted, the shares were trading at the option price of $15 per share. At the time that he exercised these options, the shares were trading at $16 per share. He is still holding these shares on December 31, 2021. Mr. Jurgens had an annual salary at Maritime Trust of $105,000, while in his new position in Toronto, the salary is $90,000 per year. However, he has the option of acquiring 1,000 shares per year of Bolten stock at a price of $20 per share. On July 1, 2021, when he was granted the option, Bolten's stock had a fair market value of $14 per share. On December 1, 2021, when the Bolten stock has a fair market value of $22 per share, Mr. Jurgens exercises these options and acquires 1,000 shares. It is his intent to hold these shares for an indefinite period of time. 

Because there is extensive travel involved in the position with Bolten Financial Services, the company has provided Mr. Jurgens with a $40,000 company car. Between July 1 and December 31, 2021, Mr. Jurgens drove this car a total of 25,000 kilometers, of which 15,000 kilometers were for employment use and 10,000 for personal use. The operating costs associated with the car for this period, all of which were paid for by the company, amount to $5,000. Because of extensive repairs resulting from a manufacturer’s recall, the car had to be returned to the company for the months of October and November 2021. At the time of his move to Toronto, Bolten Financial Services provided Mr. Jurgens with a $200,000 home purchase loan. No interest was charged on this loan. During the year, Mr. Jurgens earned $15,000 in interest and received $45,000 in dividends from taxable Canadian corporations. Assume that the relevant prescribed rate through all of 2021 is 2%. 

Required: 

Compute Sam Jurgens’ minimum employment income for the 2021 taxation year.